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A meeting of the Federal eserve Board was held in the office of the Federal Reserve Board on Thursday, June 25, 1925 at 11:00 a.m. PRESENT: Governor Crissinger Mr. Platt Mr. Hamlin Hr. Miller Mr. James Mr. No oil, Assistant Secretary The minutes of the meeting of the Federal Reserve Board held on Jute 23rd were read and arproved as amended. The Governor announced that the term of Mr. Miller as a member Of the Executive Committee expires on June 30th and that Mr. James would serve for three months ending September 30, 1925. Memorandum dated June 25th from the Secretary requesting authority to employ a stenographer for a period of three months, with salary at the rate of ,A500 per annum to substitute in the Office of the Fiscal Agent for Iliss Josephine Lally, salary ,;;1760 per annum, who is absent without pay on account of sickness. Approved. Memorandum dated June 25th from the Director of the Division of Research and Statistics recommending that Mr. Kenneth H. Hunter be Pointed to the Division for a period of three months beginning July 1st at a salary of ,,P0 a month. Approved. Report of Committee on Salaries, Expenditures and Efficiency on letter dated Juno 24n. from the Comptroller of the Currency recommending illoreases aggregating ,17,800 in the salaries of the following named national examiners; the Committee also recommending arproval: 421 6/25/25 -2Examiner Parker, E. F. Hill, R. W. Matson, R. H. Smouse, M. C. Swenson, Loren White, A. J. Ashwood, Cecil Carson, T. D. Folger, W. P. Ramsdell, P. C. Tucker, G. H. Basham, A. A. Cottingham, T. J. Evans, C. J. Krippel, F. W Lammond, W. M. Lifsey, W. P. Millard, S. T. Northcutt, V. H. Oglesby, H. E. Craig, C. O. Punsten, W. P. Hadlock, G. B. Leyburn, A. P. MCCreight, H. A. Moon, E. W.. Stuart, R. K. Walker, H. W. Conner, J. H. Kane, 17. W. Jr. Sailor, V. L. Woodside, Hal Young, W. I. Patterson,B. K. Bina, J. C. Hoover, P. E. Lytle, F. S. Wright, I. D. Allen, E. F. Brenna4, F. P. Campbell, G. H. Peterson, F. R. White, 0. W. Gilbert, H. B. Lamb, Ernest Mansfield, F. S. Sellers, W. B. Maryde, W. W. Stewart, A. Y. (Miss) Wilson, C. F. From $5500 3000 3000 3000 3000 3000 3000 4200 6000 3300 3600 3900 3900 3900 2700 3900 3600 3600 5000 2400 4200 4200 4200 4500 3900 4500 4200 4800 3000 2700 3300 5000 5000 8500 3000 2700 3000 5000 3000 3000 2700 3300 3600 3300 4800 4500 3600 5800 3300 3300 To 66000 9 3300 3300 3300 3300 3300 3300 4500 6500 3600 3900 4200 4200 4200 3000 4200 3900 3900 5500 2700 4500 4500 4500 4800 4200 4800 4500 5100 3300 3000 3600 5500 5500 10,000 3300 3000 3300 5500 3300 3300 3000 3600 3900 3600 5100 4800 3900 6500 3600 3600 _3_ 6/25/25 /122 Upon motion by Mr. James, the increases recommended. were approved. Report of Committee on Examinations on letter dated June 16th from the Federal Reserve Agent at San Francisco tnansmitting and recommending approval of an application of the Security Trust and Savings Bank of Los Atgeles for permission to establish a branch de novo at 710 West Tenth Street, Los Angeles; the Committee also recommending approval. Approved. Memorandum from Counsel dated June 23rd, submitting draft of l'elay to letter dated May 29th from the Treasurer of the French American 1)anking Corporation requesting approval to the Corporation's establishing two clerks on the dock at the French line at the time of arrival and aeparture of steamers to buy and sell foreign currency, the proposed l'ePlY stating that the Board has no objection to the corporation putting into effect the plan described. Upon motion. by Mr. Hamlin, the proposed reply was approved. Mr. Platt stated that he doubted whether the Federal Reserve Board had any authority in the above matter. Memoranda= dated June 27th from the Chief of the Division of Bank OPerations,recommending that permission be given to The Annalist of New York City to print the current week's statament of condition of Member banks in its weekly issue, which goes into circulation between twelve and one o'clock each Friday. Approved. A 6-1 6/25/25 The Governor then read the following telegram addressed to Lr. C. C. 7:alsh of San Angelo, Texas, who was designated Federal Reserve Agent and Chairman of the Board of Directors of the Federal Reserve Bank Of Dallas, in reply to his telegram inquiring as to Lhe salary of i,i15,000 Per annum approved for him as compared with the salary of ,i46,0 00 received by the present incumbent: "The Board's Committee for the Eleventh District to whom your telegram to Eddy was referred sincerely hopes and earnestly urges that you proceed to qualify and take office in accordance with the written tender by the Board and your acceptance thereof Stop Committee feels that a few months of actual experience in office will demonstrate the justification of an adjustment of salary by first of the year on an entirely satisfactory basis Stop Will greatly appreciate your wiring statement acquiescing to this request." Mr. Platt then read the following telegraphic replyreceived from Mr. 7ialsh this morning: "Answering your courteous message this date In view of explanations which are r7reatly appreciated will proceed to qualify and take oath July 1st in accordance with terms of original tender by your Board and acceptance by me Am writing fully" Noted Report of Committee on Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal deserve Bank of Boston as follows: "Net earnings available for dividends, surplus, etc., Of the Federal Reserve Bank of Boston for the five months ending May 31, 1925, amounted to 376,500, and dividends accrued to that date to .200,300, leaving net earnings after providing for dividend payments of 1,;176,200. -5- 6/25/25 "The bank's dividend resolution was forwarded to the Board prior to its receipt of the Board's letter of June 12, asking for information regarding unpaid indebtedness of failed banks and of banks in an unsafe or over-extended condition, and as yet no such statements have been received by the Board. The bank's daily balance sheets, however, show that it has no claims on account of closed or suspended banks, and it is assumed that no material losses are anticipated on parer of any banks in an over-extended or unsafe condition. Your Committee therefore recommends that the payment of the semi-annual dividend by the Federal Reserve Bank of Boston be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. Report of Committee on Salaries, Expenditures and Efficiency the subject of dividend resolution adopted by the Board of Directors Of the Federal Reserve Bank of New York as follows: "Net earnings available foi dividends, surplus, etc. of the Federal Reserve Bank of New York for the five months ending May 31, 1925, amounted to $1,621,000, and dividends accrued to that date to $772,200, leaving net earnings after providing for dividend payments of $848,800. The New York bank states that it holds no parer under discount for member banks in its district which are considered to be in an unsafe condition and that there is no unpaid indebtedness of closed member banks to the Federal reserve bank. The dividend resolution of the New York bank is in proper form and it is recommended that payment of the semiannual dividend be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. Report of Committee on Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the eaeral Reserve Bank of Philadelphia as follows: "Net earnings available for dividends, surplus, etc. of the Federal Reserve Bank of Philadelphia for the five months ending May 31, 1925, amounted to $376,000 and dividends accrued to that date to 4200,000, leaving net earnings after providing for dividend payments of $176,000. 6/25/25 -6- "The Philadelphia bank estimates its probable loss on account of indebtedness of failed or suspended banks at $200, which represents the indebtedness of a bank in Lewistown, Montana, but anticipates no loss on paper held under discount for member banks in its district. The dividend resolution of the Philadelphia bank is in proper form and it is recommended that the payment of the semi-annual dividend be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. Retort of Committee an Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal Reserve Bank of Cleveland as follows: "Net earnings available for dividends, surplus, etc. of the Federal Reserve Bank of Cleveland for the five months ending May 31, 1925, amounted to 557,000, and dividends accrued to that date to $322,000, leaving net earnings after providing for dividend payments of $235,000. The Cleveland bank states that it held no paper under discount for member banks in its district at the end of May, on which it expects to sustain a loss and that no failed banks were indebted to it except the First National Bank of Carnegie, Pa., which was liable on $110,461,43 of trade acceptances. These trade acceptances were, however, paid in full on June 4. The dividend resolution of the Cleveland bank is in proper form and it is recommended that the payment of the semi-annual dividend be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. Report of Committee an Salaries, Expenditures and Efficiency on the the subject of dividend resolution adopted by the Board of Directors of Federal Reserve Bank of Richmond as follows: "Net earnings available for dividends, surplus, etc. Of the Federal Reserve Bank of Richmond for the five months ending May 31, 1925, amounted to 4414,000, or c34,700 less than the amount of dividends accrued($148,700) to that date. On June 15, however, the Richmon d bank, owing to larger holdings of United States securities had reduced this deficit to $1,400, and by the end of June the bank should have an excess of earnings over expenses and dividends. 6/25/25 -7- "The bank has furnished a statement Showing 13 closed banks, on which it has an unpaid indebtedness of $789,000, with estimated losses of $110,300, and a statement showing 19 banks considered to be in an overextended or unsafe condition with a total indebtedness to the Federal reserve bank of $2,061,600, on which it estimates a Against the estimated loss of not to exceed $85,000. losses on paper of failed banks and banks in an overextended or unsafe condition, of $195,300, the bank now carries a reserve for probable losses of $300,000. The dividend resolution of the Richmond bank is in proper form and it is recommended that the payment of the semi-annual dividend be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. Report of Committee on Salaries, Expenditure6 and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal Reserve Bank of Atlanta as follows: "Current expenses of the Federal Reserve Bank of Atlanta for the five months ending May 31, 1925, exceeded gross earnings by $25,000, and accrued dividends to that date amounted to $115,000. The earning position of the bank is somewhat better now, however, because of its larger holdings of United States securities, which were allotted to it by the Open Market Investment Committee during May. Statements furnished by Atlanta indicate that it has five banks in an unsafe condition with aggregate indebtedness to the Federal reserve bank of $173,500. No losses are anticipated on any of such paper, however. The indebtedness of 24 suspended banks to the Federal Reserve Bank of Atlanta on June 11, 1925, amounted to $2,633,122, on which the Federal reserve bank estimates a loss of $1,018,400, or $469,000 in excess of the bank's present reserve to cover losses, which amounts to $549,000. The Atlanta bank now has a surplus fund amounting to $8,950,000, and it is apparent, therefore, that even should the full dividend, together with the deficit in earnings be charged to the surplus account, it would still leave a balance in the surplus account of about $8,800,000. The bank's surplus account is, therefore, sufficient in the opinion of the Committee to warrant the payment of the usual semi-annual dividend and it is recommended that such payment be authorized by the Board. aTh 6/25/25 -8- "The dividend resolution submitted by the Atlanta bank, however, is not in the best form and it is suggested that in authorizing the payment of the dividend the bank be advised that no charge should be made to the surplus account on June 30 as a result of the payment of the dividend, but that the full amount should be charged to the item "Accrued dividends unpaid" appearing in the Miscellaneous Liabilities block on form 34. It is also recommended that the Board suggest to the Atlanta bank that the last paragraph of its dividend resolution be omitted and the second paragraph amended to read as follows: "WHEaEAS it is estimated that the earnings of this bank for the semi-annual period ending June 30, 1925, will not be sufficient to cover operating expenses, depreciation in the assets of the bank, probable losses and dividend requirements, but that the deficit will be small in comparison with the bank's surplus, which now amounts to 48,950,309.14; now, therefore,". Upon motion by Mr. Hamlin, it was voted to approve the recommendations of the Committee. Report of Committee on Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal Reserve Bank of St. Louis as follows: "Net earnings available for dividends, surplus, etc., of the Federal Reserve Bank of St. Louis for the five months ending May 31, 1925, amounted to 056,000, or 071,600 less than dividends accrued (4127,600) to that date. The earning position of this bank is somewhat better now, however, because of its larger holdings of United States securities, which were allotted to it during May by the Open Market Investment Committee. A statement submitted by the St. Louis bank shows unpaid indebtedness of closed banks as 0256,000, on which the bank esThe bank also timates that it will sustain a loss of 4115,000. or extended unsafe an in to be are considered that banks 20 lists reserve Federal the unpaid to indebtedness total a with condition The bank fails to state, however, whether bank of 01,970,000. or not it expects to sustain a loss on any of this paper, and in notifying it of the Board's action on its dividend resolution it is recommended that the bank be asked to furnish the Board with an estimate of. the probable loss, if any is anticipated, on such The probable loss on paner of failed banks, 0115,000, is paper. 4128,000 less than the reserve (243,335) the bank is now carrying to cover probable losses an paper of failed banks. A28 6/25/25 -9- "Inasmuch as the St. Louis bank now has a surplus of 9,971,000, your Committee feels that the payment of' t'rn usual semi-annual dividend is fully warranted and therefore recommends that such payment be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendations of the Committee. Report of Committee on Salaries, Expenditures and. Efficiency on the subject of dividen resolut ion adopted. by the Board of Directors of d. the Federal Reserve Bank of Minneapolis as follows: "Net earnings available for dividends, surplus, etc., of the Federal Reserve Bank of Minneapolis for the five months ending May 31, 1925, amounted to $78,900, or $1,500 less than the amount of dividends accrued ($80,400) to that date. The Minneapolis bank has furnished. a statement relating to suspended banks, vhich shows an estimated loss of $333,000 as of May 31, 1925, on $7,730,000 of suspended bank paper holdings as of that date. Governor Young states, however, that the $333,000 includes interest and exp3nse, and that as the expense has already been charged up and no interest has been accrued, the estimated loss to be charged against the $700,000 reserve the bank is nag/ carrying would amount to only $250,000. The bank has also enclosed a list of banks that are considered to be in an unsafe or over-extended. condition, giving the indebtedness of each such bank to the Federal reserve bank. While the total amount of such indebtedness aggregates $2,553,080, Governor Young states that no loss is expected on any of the banks with the possible exception of fbur, and that in his Opinion such loss will be very small. The aggregate indebtedness to the Federal Reserve bank of these four banks mounts to $153,039. In view of Governor Young's statements it would seem that the probable losses to be sustained by the Minneapolis bank are very materi ally less than the present reserve carried and. this fact taken in conjunction with the fact that that bank has a surplus of $7,497 ,000 would seem to warrant the payment of the usual semi-annual dividend and Your Committee recommends that such payment be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. (1 S -3 6/25/25 -10- Report of Committee on Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal Reserve Bank of Kansas City as follows: "Net earnings available for dividends, surplus, etc., of the Federal Reserve Bank of Kansas City for the five months ending May 31, 1925, amounted to .61,400 or 446,700 less than dividends accrued (.„;108,100) to that date. The earning position of this bank is somewhat better now, however, because of its larger holdings of U. S. securities which were allotted to it during May by the Open Market Investment Committee. The statement submitted by the Kansas City bank dhows unpaid indebtedness of eleven closed banks as ,308,800, on which the bank estimates that it will sustain a loss of .)114,200. The bank also lists thirty-six banks that are considered to be in an over-extended or unsafe condition with a total unpaid indebtedness to the Federal reserve bank of ,4,849,000, on which the bank estimates the probable loss in case of suspension as ,;184,800. Total estimated losses on account of failed banks and member banks in an over-extended condition are about ',1123,000 less than the reserve (322,276) the bank is now carrying to cover probable losses on paper of failed banks. In view of the fact that the Kansas City bank has a surplus of ‘)8,976,660.60, your Committee believes that the payment of the semi-annual dividend is fully warranted and recommends that its payment be authorized by the Board." Upon motion by Mr. Hamlin, it was voted to arprove the recommendation of the Committee. Report of Committee on Salaries, Expenditures and Efficiency on the subject of dividend resolution adopted by the Board of Directors of the Federal Reserve Bank of San Francisco as follows: "Net earnings available for dividends, surplus, etc., Of the Federal Reserve Bank of San Francisco for the five months ending May 31, 1925, anounted to ,;161,100, or about %42,200 less than diidends accrued (.,i203,300) to that date. The earnings position of t is bank is somewhat better now, however, because of its larger holdings of United States securities, which were allotted to it during May by the Oren Market Investment Committee. 430 6/25/25 -11"Statements furnished by the San Francisco bank indicate that on May 16 it had 19 banks in an overextended or unsafe condition and 37 closed member banks. The indebtedness to the Reserve Bank of the 19 banks in an over-extended condition aggregated $1,359,000, on which apparently no loss is anticipated but in notifying the bank of the Board's action on the dividend resolution it is recommended that it be asked to furnish the Board with an estimate of the probable loss, if any is anticipated, on paper discounted for these banks. Indebtedness to the Reserve bank by the 37 closed banks. The San Francisco bank estitotaled $4,441,540.32. mates a loss of )1,772,000 will be sustained on the indebtedness of 33 of these banks but has not classified the paper of the other 4 banks and has not estimated the probable loss on the indebtedness of these banks which A reserve of $897,000 for amounted to $637,810.53. losses account of failed banks is now carried by the Reserve bank. Inasmuch as the San Francisco bank now has a surplus of $15,070,993.11, your Committee feels that the payment of the usual semi-annual dividend is fully warranted and therefore recommends that such payment be authorized by the Board and that the Reserve bank be advised of the Board's action by telegraph as requested by Mr. Moore in his letter submitting the bank's dividend resolution." Upon motion by Mr. Hamlin, it was voted to approve the recommendation of the Committee. At this point Mr. McIntosh entered the meeting. Memorandum from Counsel dated June 22nd on letter dated May 29th from the Chairman of the Federal Reserve Bank of Atlanta enclosing copy of a Proposed contract by and between the Federal Reserve Bank of Atlanta and the First National Bank of Miami, Florida, covering the deposit of a re/r°1ving currency fund of $2,000,000 in Miami to take care of the currency requirements of member banks in that city, Counsel stating that in his °Pinion there is no legal objection to the establishment of the revolving fund in Miami in accordance with the terms of the proposed contract. CAI 6/25/25 -12- After discussion, Mr. Hamlin moved that the Board approve of the Federal Reserve Bank of Atlanta entering into an agreement, in the form submitted, for the denosit with the First National Bank of Miami of a revolving currency fund of ,2,Ou0,000. Mr. Hamlin's motion being out by the chair was carried, the members voting as folloms: Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. James, "aye" Mr. McIntosh, "aye" Governor Crissinger, "no" Mr. Miller, "no" Memorandum from General Counsel dated June 25th advising that eleven of the Federal reserve banks have expressed a wish to be represented at thu proposed conference with the office of the Comptroller of the Currency on the subject of the proof of claims by Federal reserve banks against insolvent national banks and that July 13th is the most convenient date for all parties to attend the conference. After discussion, Mr. Hamlin moved that the Board approve July 13th as the date for the conference. Carried. Mr. Hamlin then reported that he had conferred with Honorable Newton D. Baker regarding the desire of the Federal Reserve Bank of San Francisco that Mr. Baker participate in the proposed appeal of the par clearance case brought against the Federal Reserve Bank of San Francisco by the Brookings State Bank., He stated that it would not be convenient for Mr. Baker to go to San Francisco at this time and that Mr. Baker had suggested that Mr. Agnew, who will be in Washington on July 13th, • clo ) t— , :-•••.0 6/25/25 -13- proceed with preparations for the arpeal and bring the record of the case With him when he comes to Washin?;tan, at which time Mr. Baker could review the matter. Mr. Hamlin further stated that :2*r. Baker would be able to go to Oregon for the trial, which v;ill take place in September. After discussion, Mr. Hamlin moved that authority be given to the Governor to retain Mr. Baker in the preparation and trial of the above case, provided all Federal reserve banks agree that his expenses should be pro-rated as a System matter and provided that after consultation with Mr. Baker the Governor is satisfied that his fee in the case will be reasonable,and further that the fellawing telegram be immediately transmitted to all Federal reserve banks& "Trial of par clearance damage suit based on sage allegations as injunction suit, Brookings State Bank v. Federal aeserve Bank of San Francisco (see opinion injunction suit sent you July 6, 1922, X-3466j resulted in verdict against Federal aeserve bank l actual and .,A7,500 punitive damages. Court refused to follow Brandeis decision in Atlanta case and held that Federal reserve banks have no authority to collect checks on nonmember State banks in any manner which results directly or indirectly in depriving them of exchange charges. Board feels that this and other rulings of court raise questions of great importance to entire System; also that System cannot afford to remain under stigma of verdict for punitive damages growing out of par clearance which is essentially a System matter. Calkins recommends that Baker be retained immediately on System basis to assist in preparation of appeal and'trial of case. Board strongly of opinion that this should be done. Please wire whether your bank is willing to bear pro rata share of expense of employing Baker. Immediate decision highly importLmt. You will recall your bank assumed pro rata share Davis' fee in connection this case." HamliWs motion being put by the chair was unanimously carried. Llr. James then requested permission to send to Deere and Company, Moline, -14- 6/25/25 Illino1s, copy of letter from the Governor of the Federal .eserve Bank of Chicago replying to the 3oard's letter of June 19, 1925, regarding the necessity for the filing of separate financial statements by subsidiaries of Deere and Company under the provisions of the Board's regulations. Upon motion, the authority requested was granted. The Governor then presented a telegram just received from the P.ederal Reserve Agent at Dallas stating he had been advised that 11r. C. C. Walsh will qualify as Federal Reserve Agent and Chairman of the Board of Directors of the Dallas Batik on July 1st and inquiring whether the Board desires to have a representative in Dallas at that time to verify the assets in the present Agent's custody and to make formal ft transfer to Mr. Walsh. Referred to the Governor with power. The Governor then reported on the proceedings of the Open Market Investment Committee held in New York City yesterday, and presented the formal report submitted at the meeting by the Chairman of the Committee, which was ordered circulated. Memorandum dated June 25th from the Director of the Division of Research and Statistics, recommending that the salary of Miss Elsie Rackstraw, Librarian, be increased from ,2400 to „32800 per annum, effective July 1st. Upon motion by 7.1r. Jamos, the above recommendation was approved. r\ Memorandum dated June 24th from the Director of the Division of aesearch and Statistics requesting authority to purchase a 'Monroe calculating machine for use in the Division at a price of '300, less an allow- 6/25/25 -15- ance of 050.00 on an old unsatisfactory machine now in use. • Upon motion by Mr. James, the authority requested was granted. Mr. Miller then stated that he would be aaay from Washington during part or all of the week beginning June 29th. The Governor stated that a meeting of the Board will be held tomorrow morning at which special order of business would be reconsideration of the application of the Mercantile Trust Company, San Francisco , for permission to establish a branch at Burlingam e. The Governor then presented report of the Committee on Examinations recommending approval of the application of the Glenside Bank and Trust Company, Glenside, Pennsylvania, for 93 shares of stock in the Federal Reserve Bank of Philadelphia, subject to conditions 1 to 9, as contained in the Board's Regulation H; the Committee also recommending approval of the bank's application for permission to acquire the business of the Glenside National Bank. Upon motion, it was voted to approve both the application for membership and the application to take over the national bank. RI]PORTS OF STANDIG COMUTTEES: Dated June 24th 25th Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. Dated June 25th Recommending action on applications for fiduciary powers, 25th as set forth in the Auxiliary Minute Book of this date. 25th Approved. Dated June 22nd Recommending action on application for admission of state banks, subject to the conditions stated in the individual report attached to the apolication, as set forth in the AuNiliary Minute Book of this date. Approved. 6/25/25 -Dated June 23rd Dated June 24th -16- Recommending approval of the application of :Ir. George B. Durell to serve at the same time as director of the Citizens First National Bank of Frankfort, N. Y. and as director of the Union Trust Company of Cleveland, Ohio. Approved. Recommending approval of the application of Mr. Wm. D. Baldwin to serve at the same time as director of the Burnett National Bank, Jacksonville, Fla. and as director of the Westchester County National Bank, Peekskill, N. Y. Approved. The meeting adjourned at 1:00 p.m. Assistant Secretary
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